Close to 500 Staffers, or 6%, to Be Laid Off in Effort to Simplify Structure

Time Inc. plans to lay off just under 500 employees, or about 6% of its global staff, as part of a broader effort to simplify the operating structure of its magazines, a person close to the company said.

The job cuts come months before the magazine publisher is due to be spun off from parent company Time Warner Inc. Time's titles include Sports Illustrated, People, Fortune and Time magazine.